Oil Feels The Affects of Stimulus Talk – 25 January, 2021

Diminishing hope for a quick U. S. stimulus approval and growing concerns for the rising coronavirus cases have pushed oil prices lower as economic recovery comes into question. Brent crude fell 0.5% or 28 cents to $55.60 per barrel. U.S. crude was 0.5% or 25 cents lower at $52.52 per barrel. The new presidents administration has been busy attempting to convince Republican lawmakers to pass a stimulus with more financial support as positive coronavirus cases begin to rise around the world. Despite these cases, places like India have seen an increase in demand, with imports of the commodity in the country reaching a two-year high in December as restrictions eased.